End of the road for Ellies

Published: 2024-04-10 17:43 +02:00 by Duncan McLeod tag: Investment

One of the JSE’s longest-surviving technology companies is no more: Ellies Holdings will be wound up and shut down.

One of the JSE’s longest-surviving technology companies is no more: Ellies Holdings will be wound up and shut down, it said on Wednesday.

This comes after the business was placed into voluntary business rescue in January when a planned acquisition of Bundu Power, which it had hoped would put it on a firmer footing financially, fell through.

That deal was subject to debt funding from Ellies’ bankers and the approval of shareholders. The bankers advised Ellies that they were not prepared to fund the acquisition, imperilling the turnaround plan and sending the company’s shares crashing to 1c, the lowest they can trade.

Ellies Electronics was founded in 1979 by the late Elliot (“Ellie”) Salkow, who passed away in 2021. He initially operated from his garage and sold aerials from the boot of his car. The storied history ended abruptly on Wednesday with the news that the business would close.

Read: Remembering Ellie Salkow, a pioneer in SA broadcasting

“The business rescue practitioner has concluded that there is no reasonable prospect of the company being rescued, and therefore, in accordance with section 141(2)(a)(ii) of the Companies Act, application will be made to the court for an order discontinuing the business rescue proceedings and placing the company into liquidation,” it said in a brief statement on the JSE’s stock exchange news service. – (c) 2024 NewsCentral Media

Get breaking news alerts from TechCentral on WhatsApp

Enhanced Investments, Inc.
329 South Oyster Bay Road #2085
Plainview, NY 11803
team@eninvs.com

Important disclosures

Performance results were prepared by Enhanced Investments, and have not been compiled, reviewed or audited by an independent accountant. Performance estimates are subject to future adjustment and revision. Investors should be aware that a loss of investment is possible. Account holdings are for illustrative purposes only and are not investment recommendations. Additional information, including (i) the calculation methodology; and (ii) a list showing the contribution of each holding to the portfolio’s performance during the time period will be provided upon request.
All statements made via social media sites sponsored or maintained by Enhanced Investments and its affiliates are for informational purposes only and do not constitute a comprehensive description of Enhanced Investments' investment advisory services.
Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice.

Nothing on this website should be considered an offer, solicitation of an offer, or advice to buy or sell securities.
Past performance is no guarantee of future results. Any historical returns, expected returns [or probability projections] are hypothetical in nature and may not reflect actual future performance.
All the strategies assume investments in equity invstrumenta only and are more relevant for "agressive investment profile". Eastern European flagship strategy assumes using up to 20% leverage of total portfolio. GlobalCommodities and US Growth strategy currently assume no leverage.
Results for the Enhanced Investments strategies as compared to the performance of Illustrative Benchmarks is for informational purposes only. Our investment program does not mirror that of the Illustrative Benchmarks and the volatility may be materially different from the volatility of Illustrative Benchmarks. Reference or comparison to an Illustrative Benchmark does not imply that strategies of Enhanced Investments will be constructed in the same way as the Illustrative Benchmark or achieve returns, volatility, or other results similar to those of the Illustrative Benchmark. The S&P 500 is an unmanaged market capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance.
Performance results were prepared by Enhanced Investments, and have not been compiled, reviewed or audited by an independent accountant. Performance estimates are subject to future adjustment and revision. Investors should be aware that a loss of investment is possible. Account holdings are for illustrative purposes only and are not investment recommendations. Additional information, including (i) the calculation methodology; and (ii) a list showing the contribution of each holding to the portfolio’s performance during the time period will be provided upon request.
All statements made via social media sites sponsored or maintained by Enhanced Investments and its affiliates are for informational purposes only and do not constitute a comprehensive description of Enhanced Investments' investment advisory services.
Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice.